T H E B E N E F I T S O F I N - H O U S E PAY R O L L P R O C E S S I N G 1
I
Save Time, Keep Your Money:
The Benefits of In-House
Payroll Processing
Managing your payroll processing in-house vs. an
outsourced provider may seem like a difficult decision.
Considering payroll's significance to your organizational
health, there's good reason to be mindful when making
the choice. The truth is that outsourcing your payroll isn't
as convenient as you think.
In theory, the idea of outsourcing your payroll is alluring. You get the work done
on your end and hand it off in time for payday. Easy, right? Not really – not when
you have to deal with time-consuming workarounds, programming fees, and
additional, unprecedented payroll processing costs.
There's something to be said about an entire payroll system accessible to your
company's internal payroll team. Greater control, minimized costs, and saved
time are just the tip of the iceberg. Taking ownership of your payroll with an
in-house solution empowers you to meet your organization's complex needs
in your own way.
Maybe it's time to go in-house?
Quality Control
Mistakes can be easy to make but difficult and timely to rectify, especially when
a company forfeits control of its payroll remittances.
Mistakes are going to happen, that's a given, but why trust your payroll to an
external party? Your internal team already prepares the documentation, the
only difference is who's making errors. In a recent survey, almost 50% of payroll
professionals said they outsource payroll, yet 75% perform remittance reconcili-
ations. There's something wrong with that picture.
Outsourcing the payroll process means outsourcing errors
and miscalculations like delayed payments and deductions
and inaccurate compensation. But who is still on the hook
for compliance? That's right, it's you.
75% of payroll professionals
surveyed say they perform
remittance reconciliations,
including those employing
outsourced payroll
solutions.
CPA NPW 2018
PROFESSIONAL RESEARCH SURVEY